Nifty IT pares early gains but stays on the upside as heavyweights Infosys, TCS, Tech Mahindra hold a bullish stance

10 Jan 2022 , 03:15 PM

The December 2021 (Q3FY22) quarter has taken centre stage for IT stocks starting this week. On Monday, the Nifty IT index surged by more than 1% in early trade, however, during the second half of the session the index has erased some early gains but holds an upside position. Heavyweights TCS, Infosys and Tech Mahindra hold the index on the green zone.

At around 3.13 pm, the Nifty IT index traded at 38,215.10 higher by 75.25 points or 0.20%. The index has touched an intraday high of 38,621.90. On the index, only 3 scrips have advanced currently while 7 scrips declined.

Infosys was the top bull soaring by nearly 2% followed by TCS and Tech Mahindra surging over 0.7% each.

On the downside, L&T Technology Services was the top bear plunging over 3.1% followed by Coforge slipped 2.9% and Wipro shed 2.6%.

L&T Infotech, Mphasis and Mindtree dipped more than 1% each. HCL Tech traded marginally down.

As per stock exchange data, TCS and peers Wipro and Infosys will announce their Q3 results on January 12. While HCL Tech will announce its Q3 earnings on January 14.

Last week, on Wall Street, Nasdaq close worst week in over 4-months falling 8 out of 9 sessions while the star of the week was the Russell 200 index as it outperformed the benchmarks.